Salter Production Services Limited - Period Ending 2017-03-31

Registration number: SC473962

Salter Production Services Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2017

Williamsons Chartered Accountants
Rosewood
Raemoir Road
Banchory
Kincardineshire
AB31 4ET

Salter Production Services Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3 to 4
Statement of Changes in Equity	5
Notes to the Financial Statements	6 to 10

Salter Production Services Limited

Company Information

Directors

Mrs Moira McKenzie Salter Mr Harry St. John Salter

Company secretary

Mrs Moira McKenzie Salter

Registered office

Rosewood Raemoir Road Banchory Kincardineshire AB31 4ET

Bankers

TSB Banchory 82 High Street Banchory Aberdeenshire AB31 5SS

Accountants

Williamsons Chartered Accountants Rosewood Raemoir Road Banchory Kincardineshire AB31 4ET

Page 1

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Salter Production Services Limited
for the Year Ended 31 March 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Salter Production Services Limited for the year ended 31 March 2017 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Salter Production Services Limited, as a body, in accordance with the terms of our engagement letter dated 11 May 2015. Our work has been undertaken solely to prepare for your approval the accounts of Salter Production Services Limited and state those matters that we have agreed to state to the Board of Directors of Salter Production Services Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Salter Production Services Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Salter Production Services Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Salter Production Services Limited. You consider that Salter Production Services Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Salter Production Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Williamsons Chartered Accountants
Rosewood
Raemoir Road
Banchory
Kincardineshire
AB31 4ET

30 August 2017

Page 2

Salter Production Services Limited

(Registration number: SC473962)
Balance Sheet as at 31 March 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	310,076	311,845
Other financial assets	5	20,319	-
		330,395	311,845
Current assets
Debtors	6	4,959	8,431
Cash at bank and in hand		25,364	24,169
		30,323	32,600
Creditors: Amounts falling due within one year	7	(72,246)	(178,026)
Net current liabilities		(41,923)	(145,426)
Total assets less current liabilities		288,472	166,419
Provisions for liabilities		(783)	(1,178)
Net assets		287,689	165,241
Capital and reserves
Called up share capital		102	102
Profit and loss account		287,587	165,139
Total equity		287,689	165,241

The notes on pages 6 to 10 form an integral part of these financial statements.

Page 3

Salter Production Services Limited

(Registration number: SC473962)
Balance Sheet as at 31 March 2017

For the financial year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 30 August 2017 and signed on its behalf by:
 

.........................................

Mr Harry St. John Salter

Director

The notes on pages 6 to 10 form an integral part of these financial statements.

Page 4

Salter Production Services Limited

Statement of Changes in Equity for the Year Ended 31 March 2017

	Share capital £	Profit and loss account £	Total £
At 1 April 2016	102	165,139	165,241
Profit for the year	-	122,448	122,448
Total comprehensive income	-	122,448	122,448
At 31 March 2017	102	287,587	287,689

	Share capital £	Profit and loss account £	Total £
At 1 April 2015	102	52,230	52,332
Profit for the year	-	112,909	112,909
Total comprehensive income	-	112,909	112,909
At 31 March 2016	102	165,139	165,241

The notes on pages 6 to 10 form an integral part of these financial statements.

Page 5

Salter Production Services Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

1	General information

The company is a private company limited by share capital incorporated in Scotland.

The address of its registered office is:
Rosewood
Raemoir Road
Banchory
Kincardineshire
AB31 4ET
United Kingdom

The principal place of business is:
The Steading
Burnett Park East
Banchory
AB31 4AE
United Kingdom

These financial statements were authorised for issue by the Board on 30 August 2017.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Furniture, fittings and equipment	25% straight line basis

Page 6

Salter Production Services Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2016 - 1).

Page 7

Salter Production Services Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

4	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 April 2016	305,955	7,072	313,027
At 31 March 2017	305,955	7,072	313,027
Depreciation
At 1 April 2016	-	1,182	1,182
Charge for the year	-	1,769	1,769
At 31 March 2017	-	2,951	2,951
Carrying amount
At 31 March 2017	305,955	4,121	310,076
At 31 March 2016	305,955	5,890	311,845

Included within the net book value of land and buildings above is £305,955 (2016 - £305,955) in respect of freehold land and buildings.
 

Page 8

Salter Production Services Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

5	Other financial assets (current and non-current)

	Financial assets at fair value through profit and loss £	Total £
Non-current financial assets
Cost or valuation
Fair value adjustments	332	332
Additions	19,987	19,987
At 31 March 2017	20,319	20,319
Impairment
Carrying amount
At 31 March 2017	20,319	20,319

6

Debtors

	2017 £	2016 £
Trade debtors	-	4,455
Other debtors	4,959	3,976
Total current trade and other debtors	4,959	8,431

7

Creditors

	Note	2017 £	2016 £
Due within one year
Bank loans and overdrafts	8	25,496	128,838
Taxation and social security		9,708	9,379
Other creditors		37,042	39,809
		72,246	178,026

Page 9

Salter Production Services Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

8	Loans and borrowings

	2017 £	2016 £
Current loans and borrowings
Other borrowings	25,496	128,838

Other borrowings

Directors' current account with a carrying amount of £25,496 (2016 - £128,838) is denominated in sterling with a nominal interest rate of nil. The final instalment is due on 31 March 2018.

9	Related party transactions

Transactions with directors

Directors' remuneration

The directors' remuneration for the year was as follows:

	2017 £	2016 £
Remuneration	8,778	8,499

10	Transition to FRS 102

There were no adjustments required on transition to FRS102A

Page 10